Retired residents of Serbia pay a significantly higher interest rate on loans than those who are employed, even almost three times
Pensioners pay more interest for cash loans than working citizens. We also know why: because of their age. During the last year, those interest rates have been further increased.
Interest rates for senior loans vary from bank to bank and range from 15 to 23 percent annually.
For example, for a loan of 300.000 dinars with a repayment term of two years, they will have to pay more than 65.000 dinars, while employees will pay only 43.250 dinars.
Most banks advertise benefits for withdrawing pension loans. On that occasion, they state the percentages related to the nominal interest rate (NKS), and not to the effective interest rate (EKS), which is the most important for the calculation of the final amount that the client should ultimately return to the bank. The NKS is significantly lower, and therefore more attractive for potential clients.
The conditions for taking out a loan are more or less the same for everyone.
The minimum is that the person has been retired for at least one month and is between 55 and 79 years old. Most banks protect themselves from risks due to the client's many years in retirement with mandatory loan insurance, and the cost of the insurance is included in the interest.
The maximum loan amount varies from bank to bank and ranges from 1.200.000 to 2,4 million dinars. The upper limit of the repayment period is 71 months, or less than six years. At the time of payment of the last installment, pensioners must not be more than 80 or 75 years old.
In some banks, 20.000 dinars is the minimum pension required for the oldest citizens to apply for a loan. Pensioners who have a smaller pension cannot apply for a loan.
The average pension for November 2023 was 39.861 dinars, and the average salary, according to the latest data, is 86.738 dinars.
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